Changes at the property firm -- a unit of Dubai Holding, the private company of Dubai’s ruler -- include new chiefs of financial affairs, marketing, legal affairs, operations and property development, it said in a statement.

A planned merger between three of Dubai Holding’s property firms -- Dubai Properties, Sama Dubai and Tatweer -- and Emaar Properties was called off on December 9, adding to uncertainty about the debts of Dubai state-linked firms.

Flagship conglomerate Dubai World, faced with a $26 billion debt pile, rocked global markets on November 25 after it indicated a need to restructure.

Dubai Holding has about $1.9 billion of debt maturing in the first half of next year.

On Sunday, Dubai Properties said it would set an advanced corporate government framework ”to ensure efficiency..